Dear sir/madam, can I avail factory insurance tax credit?
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Quick Summary
This discussion explores the eligibility for claiming input tax credit (ITC) on factory insurance for GST purposes. It confirms that factory insurance ITC can indeed be availed. The thread also touches upon specific income calculation scenarios for businesses based on turnover and transaction types (cash vs. digital/bank), with a user seeking clarification on whether stated percentages for income declaration are correct.
Case 1: Mr Poorna Jain having a business turnover rupees 1 crore 50 lacs she is in under tax audit ,so (1 crore fifty lakh 8%=12,00,000 ...can a Poorna Jain shows is income Rs 12 lakh it is correct or not???? ( Cash received transactions)..
case number 2: again poorna Jain have rupees 5 lakh for bank transaction and digital transaction, does poorna Jain shows is income at 6%???